CynergisTek Inc. (CTEK) stock prices surged by 13.83% shortly after market trading commenced on August 24th 2021. This brought the price per share up to USD$2.14 early on in the trading day.
CTEK Stock’s New Agreement
August 24th 2021 saw Backbone Consultants, a division of CynergisTek, announce a new agreement with a Top 10 life insurance company. The leading cybersecurity firm that helps organizations navigate emerging security and privacy issues will provide IT audit co-sourcing services to more than USD$90 billion in assets.
CTEK Stock’s Services
Audits are used by financial industries for various important business and compliance requirements. This ensures there is an effective governance structure, which serves to assess the effectiveness and efficiency of IT controls and internal processes. CTEK stock’s audit services are designed to measure organizations against HIPAA, GLBA, SOX, GDPR, PCI, and general IT audit principles.
Scope of CTEK Stock’s Audits
There is a growing number of companies that fill gaps in their existing programs with independent audit support. The support also supports covering audit staff shortages and facilitates the augmentation of internal capability to be able to compare results. CTEK stock’s division company, Backbone Consultants, serve companies with staff augmentation, consulting for audit readiness, and providing independent formal audits. The division is backed by extensive experience gained from its team’s background with Deloitte, PWC, Ernst & Young, and other big names. The team has demonstrated am impressive ability to work collaboratively with their clients to effectively leverage their expertise and resources in a seamless fashion.
The Backbone Consultants
The Backbone Consultants bring deep technical skills to the table, as well as industry understanding. This helps facilitate the assistance of clients to address their unique internal audit needs. The company is keen to apply the depth and reach of its expertise in the financial services industry. Partnerships with various clients serve for the company to help the clients identify and mitigate the cybersecurity risks facing their organizations. The company’s background in cybersecurity, data privacy, and IT auditing in conjunction with its increasing experience and knowledge in the financial services industry results in promising growth opportunities.
Future Outlook for CTEK
The company reported a strong quarter, most recently having announced its new agreement with a Top 10 life insurance company. CTEK stock is keen to leverage the resources at its disposal to usher in consistent growth over the long term. Current and potential investors are hopeful that this will result in significant and sustained increases in shareholder value.
